About The Metaphysics of Market Power

Australian competition law has just emerged from a significant period of reform which has seen controversial changes to the legal test to distinguish between normal competitive conduct and conduct that should be condemned. The controversy continues, arguably because the traditional legal conception of market power does not provide a useful standard in real world markets. This important new book offers a radical interpretation of market power, based on the power to manipulate. Seeing it in this way allows for positive and normative standards within which to frame a legal theory of liability for misuse of that power. The book provides suggestions to improve the forensic assessment of conduct that should be condemned as misuse of market power.

Table Of Contents

I. The Problem II. Australia's Reform Process III. The Proposed Market Manipulation Approach IV. Implications of the Study beyond the Present Scope V. The Problematic Role of Efficiency VI. Differing Views of the World VII. Economic Models and the Paradigm of Competition VIII. The Overseas Experience IX. What Difference Will Market Manipulation Theory Make? X. Application to the Digital Economy XI. Outline of the Chapters XII. Effective Date of Law

PART ITHE THEORETICAL FRAMEWORK1. Market Power in Economics and Law I. Introduction II. Policy Objectives and Concepts of Efficiency III. Economic Models and the Paradigm of Competition IV. Market Manipulation Laws in Securities Markets V. Thought Experiment: Incumbent Response to New Entry VI. Norms in Zero-Sum Competition VII. Zero-Sum Competition, Market Manipulation and Efficiency VIII. Conclusion 2. The Mischief and Australia's Institutional Response I. Introduction II. The Continuing Influence of the SCP Approach in Australia III. Australia's Institutional Division of Functions between Courts and Agencies IV. Institutional Arrangements in the EU and the US: Court-Centred or Agency-Centred? V. Conclusion 3. Competition and Efficiency Effects in Europe, North America and Australia I. Introduction II. The Current Australian Effects Test Outside Section 46 III. The Harper Review Effects Test and the Role of Efficiency EffectsIV. EU Abuse of Dominance and Defences V. US Monopolisation and Defences VI. Efficiency in the Law of Securities Market Manipulation VII. Adapting Efficiency as a Legal Concept VIII. Zero-Sum Competition, Market Manipulation and Efficiency IX. Conclusion

PART IIICONCLUSION10. Findings and Recommendations I. Introduction II. The Concept of Market Power III. Paradigms of Competition and Norms of Conduct IV. Forensic Assessment of Misuse of Market Power: Conclusions from the Case Studies V. Implications for Competition Law